European Stars and Stripes (Newspaper) - February 29, 1992, Darmstadt, Hesse                                Saturday february 29, 1992 the stars and stripes b Page 17money matters Wal Mart stores inc. Has reported record earnings of $602.4 million or 52 cents a share for the fourth Quarter of fiscal 1991. That is a 25 percent increase Over the $481.8 million or 42 cents a share reported for that Quarter a year ago. Sales for the Quarter ending Jan. 31 also hit record highs soaring 32 percent to $13.64 billion compared with $10.36 billion a year ago. The retail Chain which last year passed Sears Roebuck and co., and Kmart to become the nations largest retailer also posted record earnings for the year. Net income for the year was up 25 percent to $1.61 billion compared with $1.29 billion in 1990. Sales for the year shot up 35 percent to $43.89 billion compared with $32.6 billion in 1990. A we Are pleased to have met our sales and earnings objectives with another record year a said David Glass Wal marts  rates London up fridays rates for the . Dollar to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars Gold was quoted at $353.25 an ounce Silver at $4.13. Feb. 27 feb. 28 British pound.1.7544 1.7589 German mark.1.64401.6365 French franc.5.5575 5.5737 dutch guilder.1.8497 1.8435 belgian franc.33.72 33.62 italian lira.1,227.25 1,229.45 Swiss franc.1.4860 1.4825 greek drachma.189.65 188.70 turkish lira.5,852.10 5,846.20 saudi arabian riyal.3.7502 3.7502 Spanish peseta.103.21 102.80 portuguese escudo.141.38 140.55 Canadian dollar.1.1789 1.1784 austrian schilling.11.580 11.5050 norwegian krone.6.447 6.4005 danish Krone .6.3810 6.3385 these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rate concerns the Sale of German Marks to . Personnel for personal use and this will be 1.60 through monday based on fridays noontime  York Exchange new York up York Stock exc Nangi Stock Glaxo holdings Warner Lambert Colagra inc Philips no Rwjr Nabisco hid Home shopping Tel Fonos de my Pfizer inc ban Texas group Masco corp Maxis Energy Pepsico inc Uniss corp Amer express co Boeing co a the 15 most Active stocks in new i composite trading on thursday. Sales ast etch. 4,399,300 28% off i 3,855,400 65 off 3% 3,196,400 28 off 2% 2,439,700 20% up 2% 2,399,000 10% off % 2,182,000 8 off % 2,063,500 57% unch 2,037,400 73% off 2% 1,977,700 2% off a 1,935,200 26% off 1 1,864,400 7% up % of 1,794,200 32% 1,761,900 9% unch 1,707,700 20% up % Oft 1,625,000 45% american Exchange new York up american Stock exc Stock Wang labs inc b am exploration magma Copper co Amdahl corp Plains resource Hilt Haven corp us Bio science foundation hath carnival cruise dog corp a the 10 most Active stocks in net chg. Up i off % up unch up i Oft i off i up % Oft i up i Salas last 1,886,200 6% 988,800 2% 547.300 9% 434,200 20% 405,500 18% 405,300 2% 383,600 14% 363,200 33 283,800 32 273,900 7% Dow Jones new York up Dow Jones dosing Range of averages thursday Himli mpg com Tefft 30 industrials 330054 3251.79 3269.45 off 1187 20 transport 1450.86 1423.77 15 utilities 206.69 204.24 65 stocks 1192.60 1174.04 3269.4 1432.17 off 11.59 205.87 up 0.06 1180.97 Oft 5.68 jailed financier Milken to keep $125 million under settlement by the los Angeles times new York a imprisoned financier Michael Milken will retain at least $125 million under the proposed settlement of More than 150 securities and other civil lawsuits filed Over the collapse of Drexel Burnham Lambert inc., Drexel attorneys said thursday. The sum does not include an estimated $300 million to $400 million that Milken a wife children and brother will be permitted to keep. Many observers of the financial scene were astounded that the Man who has shouldered much of the blame for the rigged markets and speculative excesses of the �?T80s a and the resulting financial hangover in the �?T90s a will emerge with a family Fortune of perhaps half a billion dollars. A a it a the kind of thing that leaves you shaking your head a said Richard c. Leone executive director of the 20th Century fund a Public policy group and a former managing director of the new York investment Bank Dillon read amp co. A a we re supposed to severely punish people who do Well for themselves by doing evil to others. That a part of the social  others took a More measured approach to the settlement of litigation that some Legal experts say might otherwise have dragged into the next Century. A the moral algebra is very difficult a said financial historian Ron Chernow. A do you assume that every Dollar the Milkens amassed was ill gotten How do you assess the value of a 10-year prison sentence a Milken popularized the use of High risk High yield securities when he headed the junk Bond department at Drexel. In 1990, he pleaded guilty to six felonies and was sentenced to 10 years in prison. Drexel which made a Fortune masterminding corporate takeovers filed for bankruptcy in february 1990 in the largest collapse Ever of a Wall Street concern. Milken is expected to serve Only 40 months at Federal prison Camp Pleasanton in Cali Milken fornia a minimum Security facility for his securities Law violations. He is expected to sell off some personal junk Bond holdings from his prison bunk to pay the settlement which will be made in four instalments stretching into 1995. Under the settlement Milken must pay out $500 million or 80 percent of his current personal net Worth of $625 million into the $1.3 billion settlement fund. Milken has also already contributed $400 million into a securities and Exchange commission administered settlement fund and has paid penalties of $200 million to the . Treasury. A on one hand Milken is paying a severe emotional and professional penalty. On the other it is frustrating to know that he is being left with a Kings Ransom a Chernow added. The moral equation is complicated by Milken a pre incarceration lifestyle which was relatively modest a at least when compared with other such �?T80s rogues As Stock Speculator Ivan Boesky. A for Milken the ultimate High was going to work every Day a not going Home and spending the loot Quot Chernow said. �?o1 think its a very fair settlement a and in a not easy a added . District judge Milton Pollack the 85-year-old Jurist who is credited with the extraordinary achievement of driving the parties to Settle. A you also have to remember that none of these claims have been tried a Pollack added. Had the cases gone Forward the outcome could have been different with Milken either prevailing or paying More. Ken Lerer a spokesman for Milken declined comment on the settlement. A a we be been instructed by the court not to comment on anything at All a Lerer said. Other members of the financial com unity1 a a who Lere is the Justice a asked Henry Kaufman the former chief economist of Salomon bros., who noted that the Milken family Fortune remains  investors slow their previous Rush to pour Money into Mutual funds by the new York times new York a Mutual fund investors appear to have pulled Back slightly from the hectic Pace of Early 1992, when Money was being put into Long term funds at the most rapid rate in five years. Fund managers said thursday that Bond and Stock funds continued to pull in huge amounts of Money in february although not at january a rate. A we Are running at about half the Pace of last month but it is still a Good month a said Jane White a spokeswoman for the t. Rowe Price group of funds. At the Vanguard group Brian Mattes said that Cash flow was Down substantially from january but that february was still the third Best month in the company a history. These initial reports on february a activity came As the investment company Institute a Trade group reported that the net Cash flow into Long term Stock and Bond funds in january totalled $14.6 billion up from $11.6 billion in december. January a total was the largest for any month since january 1987, when a rapidly rising Stock Market combined with a solid Bond Market to bring in a record $18.7 billion. By contrast the funds took in $8.9 billion in All of 1989. While most Mutual funds said sales had slowed in february William Shiebler the president of Putnam financial services reported a Small increase in business. And Michael Hines a vice president at Fidelity investments said that More Money came into Stock funds in february than in january but that somewhat less Money came into Bond funds. In january the Cash flow into Stock Mutual funds totalled $6.7 billion Down from $7.4 billion in december. But the increased Cash flow into Bond funds which Rose to $7.9 billion from $4.2 billion the previous month More than made up the difference. The figures include sales and redemption As Well As transfers Between funds. They do not include reinvested dividends. The continued Prosperity for Mutual fund managers has come As Cash has poured out of Bank certificates of Deposit and to a lesser extent from Money Market funds. Many in the Industry have seen nothing like it before. A a it a a Good time to be in the business a said Bruce Speca a senior vice president of the group. He said february a net sales were about comparable with january a rate but emphasized How extraordinary that had been. A a we re double december a volume and five times last  cosmetic company ends tests on animals los Angeles up skin care specialist Neu Rogena corp., joining a number of other cosmetic companies said thursday that it has eliminated animal testing for All cosmetic and Over the counter products. Neu Rogena which has annual revenues of More than $200 million made the disclosure at its annual shareholders meeting in los Angeles. Shareholders and customers have been asking Neu Rogena to Stop animal testing a most of which involves studies of Eye irritation a in recent years spokeswoman Linda Schoen said. The company said its animal testing had been minimal in recent years As it developed a risk assessment program to replace such testing. A the Only testing that we be done is on new products and we be been trying to do As Little As possible a Schoen said. A the group people for the ethical treatment of animals has done a very effective Job on this  other companies that have also stopped animal testing Are Avon Mary Kay Revlon and Estee Lauder according to Schoen. Schoen said neut Rogena a major concern was that the products would still be Safe for humans. The los Angeles based company said the elimination of animal testing docs not Compromise the safety of its products. The risk assessment program includes toxicity tests Vendor certification controlled human use testing and use of medical and other scientific consultants. Neu Rogena also said it is using a testing data Bank developed in conjunction with the Johns Hopkins Center for alternatives to animal testing